Bitcoin mining simplified: How GoMining NFTs are changing the game

This Web3 platform utilizes NFTs to simplify owning and trading real shares of Bitcoin mining power.

What makes Bitcoin (BTC) so unique — even among other digital assets — is its mining process to validate blocks and produce new BTC. Without delving into technical details, Bitcoin mining enables a decentralized and global network of high-tech equipment to validate new transactions in batches on the Bitcoin network. The network then mints new BTC to reward these miners for their validation efforts.

Although Bitcoin mining originated from this simple dynamic, it has evolved into a complex environment, making it dramatically harder for newcomers — especially individual users — to obtain a place in the ever-growing BTC mining ecosystem. Mining hardware prices went through the roof, cheap electricity is infamously hard to find and the Bitcoin halving 2024 reduced the rewards, further increasing the competition.

Thankfully, all is not lost for individual users who want to chip into Bitcoin mining efforts and get rewarded for their contributions. GoMining, a global Bitcoin mining company with nine data centers worldwide, offers an innovative way for individuals to join the mining ecosystem by attaching BTC mining power to nonfungible tokens (NFTs) to significantly lower the industry’s entry barriers.

Bitcoin mining at home

GoMining has years of experience in crypto mining, including developing a dedicated protocol — Liquid Bitcoin Hashrate — to move Bitcoin hash rate management on-chain on Ethereum and BNB Smart Chain. As a result, GoMining has developed a whole new approach to user-friendly and convenient BTC mining power management through NFTs backed with real hash rate shares, allowing users not only to earn daily mining rewards but also to easily scale their owned mining power with just a few clicks.

Users are greeted with a simple interface, whether they visit the GoMining website or use the mobile app, which is available on both iOS and Android platforms. The platform offers both Web2 (email and password) and Web3 login options with a wide range of supported Web3 wallets.

GoMining’s dashboard design is easy on the eye, offering a clean interface with a glimpse into all the necessary information.

GoMining also opts for simplicity on its dashboard. Once a user logs in, they can either click the “Create Miner” button to generate an NFT miner and start mining immediately or check the left pane for more options. Once a user creates a new BTC miner, it is shown under the My NFT section in the left pane.

During the miner creation process, users have the option to choose the computing power and energy efficiency of their NFT themselves. GoMining delivers computing power from 1 terahash (TH) all the way up to 5,000 TH per every NFT miner.

Energy efficiency is especially important for Bitcoin mining operations, and GoMining offers up to 20 W/TH — comparable to the latest physical Bitcoin mining hardware launched in the market. When purchasing a virtual miner with GoMining, users receive an NFT with daily rewards and acquire a real share of Bitcoin mining power.

The same pop-up window shows the average daily and monthly BTC gains users can potentially achieve, along with the price per TH and historical return on investment (ROI).

At any time after purchase, users can upgrade their NFT miners with better energy efficiency or more computing power. The in-app NFT upgrades make managing BTC miner operations significantly simpler than deploying and maintaining a physical BTC farm.

User-governed ecosystem

It is possible to buy a new NFT miner via credit card, bank transfer or crypto, but the platform incentivizes purchases through GOMINING, its native token, by offering a 10% discount on electricity fees.

GoMining has built a complete mining ecosystem around its native token. Just like other cryptocurrencies, GOMINING is a tradeable asset available from multiple centralized and decentralized crypto exchanges.

However, its main utility is to keep GoMining a user-powered mining environment. Users can stake GOMINING for various periods to participate in on-platform voting procedures while earning an annual percentage rate (APR). The deflation-based veTokenomics stimulates the rise in price for GOMINING tokens as it continually reduces the number of tokens circulating through burn and mint cycles.

Under the Wallets section, users get an automatically created in-app wallet. This wallet is utilized to provide electricity fee coverage for miners as well. A user can move funds anytime between the platform’s virtual wallet and external wallets on Ethereum or BNB Chain networks.

Daily BTC mining rewards

Once the user buys an NFT miner, it becomes operational and generates daily rewards in BTC. You can check the accumulated rewards at any point from the Rewards section under My NFT, which shows the status of daily rewards alongside the electricity and service fees in selected periods.

The rewards are distributed to users’ BTC wallets. Users can add their external BTC wallet by entering the address or create a new BTC wallet from a wide range of providers listed in the Wallets section. Daily BTC mining rewards are accumulating on the platform until the user connects a BTC wallet and passes a brief Know Your Customer (KYC) process.

Unique NFT miner collections

The Marketplace section opens up two possibilities: The Primary Market takes users to special GoMining NFT collections. Standing at the intersection of mining utility and the collectible aspect of nonfungible assets, these collections have limited availability and offer unique concepts and designs, catering to users’ needs for collectible value in their miner NFTs.

Selling or trading a GoMining NFT is as simple as buying it. Users can head out to the secondary marketplace from the same navigation pane to check different pieces listed by other users.

Users can check the essential information of each piece, including the blockchain network they operate, their energy efficiency and computing power, from the list without the need to go to individual pages.

Verdict: BTC mining simplified

People’s interest in Bitcoin has only increased since the original cryptocurrency’s inception, but the barriers to participating in the network have grown taller and taller. GoMining offers a simple, accessible and quick way for many Web2 and Web3 users to join the Bitcoin mining network without purchasing expensive equipment or spending months learning how to maintain such infrastructure.

The platform provides a user-friendly interface for buying, upgrading or trading BTC miners represented by NFTs. Through GoMining, users can obtain a virtual miner to receive an NFT with daily rewards alongside a real share of Bitcoin mining power. This adds constant real-world value — an aspect arguably lacking in most NFT collections.

As the mainstream interest is renewed with the fourth Bitcoin halving, GoMining offers a simplified gateway to Bitcoin mining with its innovative approach.